Introduction of the term Internal Audit
Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?
Expert
The internal audit is a constant review of records and operations undertakes in the business and is normally completed by specially assigned employees. It must operate independently of all the internal check and in no case must strip any one of the responsibilities placed upon him. Internal auditing is an independent review activity in an organization for the appraisal of operations as a service to management. It is managerial control that functions by evaluating and measuring the efficiency of other controls.
To accomplish its aims the auditor has to appraisal the subsequent areas:
i) Integrity and Reliability of the information.
ii) Fulfillment with the policies, procedures, plans, laws and regulations.
iii) Protection of assets.
iv) Efficient and Economical employ of resources.
v) Achievement of established aims and objectives for operations or programs.
how long will it take and how much will u charge
Explain briefly statutory audit?
Write down the importance of measuring an internal audit department?
Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit
Distinguish between Operating versus Non-Operating Revenue?
Write down the techniques which are used throughout an audit?
Elucidate the differentiation between External Audit and Internal Audit?
A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the
Internal Controls: Internal control includes the plan of organization and all of the coordinate techniques adopted within a business to defend its assets, ensure the accuracy and consistency of its accounting data, encourage operational efficiency, an
Audit Management: It is a systematic assessment of processes and policies of an organization's management in the administration and the utilization of resources, tactical & strategic planning, and employee and organizational enhancement.
18,76,764
1959248 Asked
3,689
Active Tutors
1455456
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!